AUDCHF: Classic Trend Following Trade
AUDCHF is trading in a bearish trend .
After the price reached 0.664 structure low,
we saw a pullback to 0.672 structure resistance .
What is so peculiar about the underlined yellow zone
is the fact that it was a previous lower low on a daily.
Chances will be high that the trend following move will initiate from that.
As a confirmation, I found a bearish breakout of a rising wedge pattern and h&s formation with
a neckline violation on 1H.